Are you the only capable entrepreneur in your family? Does it make sense to get your family’s next generation involved in your business? The most strong and resilient have a structured plan to incorporate next generation family members into the workplace alongside established leaders whether family or non-related professional managers.
For the next generation family member, as necessary academic qualifications and trade certifications are achieved, and familiarity with the business, the industry and the competitive marketplace becomes understood; career paths can be established. When properly executed, keeping the family identity as a constant, adds significant market strength. Newport helps clients like you and your family by providing oversight, experience and acumen to assess the right fit when planning roles for next gen family members in your business.
Adding a family member to an established business is not always effortless. Family dynamics can easily come into play and can be disruptive to the workplace. Schooling next-gens on the norms and expectations of their role in the workforce while making sure aptitude and motivators are aligned with his or her role can help ensure a happy related employee. Happy employees either related or not, is part of your goal, isn’t it?
We encourage our clients with an ultimate goal of thinking and talking less about business challenges and more about business progress and opportunity. When it comes time to transition out of your business and give up control, our happiest clients understand their options through the lens of what is good for themselves, their business and their family.
Are you looking to understand your options on business valuation, succession and transition?
Our team of professionals is dedicated to bringing order to the financial lives of select people like you. A multi-disciplined and integrated approach ensures that you and your family receive the best guidance in the areas of family governance, financial strategy, as well as financial administration and management.